US, Europe freeze more than $30B in Russian assets

By Ovunc Kutlu

ANKARA (AA) - The US and its European allies have frozen more than $30 billion of Russian assets amid Moscow's war on Ukraine, the US Justice and Treasury departments said Wednesday.

"In the 100 days since Finance, Justice, Home Affairs, and Trade Ministers and European Commissioners committed to prioritizing resources and working together to isolate sanctioned Russians from the international financial system, REPO members have blocked or frozen more than $30 billion worth of sanctioned Russians’ assets in financial accounts and economic resources," they said in a statement.

The Russian Elites, Proxies, and Oligarchs (REPO) Task Force has also immobilized $300 billion worth of Russian Central Bank assets, it added.

The agencies said REPO’s work "is not yet complete" and it will continue to track Russian sanctioned assets and prevent sanctioned individuals from undermining imposed measures.

"We continue to increase Russia’s cost of its war ... we are seeking to maximize the impact of sanctions on designated persons and entities while guarding against spillover that affects global commodities markets and food supplies, which Russia has disrupted by choosing and continuing to wage war," it added.